S&P Downgrades Russia's Credit Rating

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... I ... the ... Friday lunch break and I knew that ... Russia's credit rating cut by standard and porous today down one notch to triple the mine is ... leaving it just above junk status ... and giving it a negative outlook to boot ... here to tell us more is WSJ senior columnist Michael Casey Michael thanks for coming thanks to the sale is one of the acceleration of capital that is just flying out of Russia behind this ... year stiffly that that's that's the biggest concern is that the facts I did that is to consider what you have ... is this the interesting scenario with the sanctions of the West has been composing or even just ready ... to ... impose on Russia is having an effect not necessarily because it's squeezing the climate the sailboat is but because of the perception that builds in the minds of Russians themselves ... these outflows will the data is lively brush and ... that residents themselves isn't far is pulling out his Iraq and that's particularly dangerous what it what is is that it can reflect though I liked his new regional scene problem style of these countries that have fixed the Mana tree and fiscal policies so that so that people but actually fully trust their own country ... alrighty so come Ian arrived we were babies going fine but Tories would visit the zoo because wealthy middle class people who got savings ... are willing to dump the drop of a hat get back because they feel will couple which is ... as the dollar and speaking of the room although ... it is now pushing ... a certain return to the ruble had a really bad moments well Yemeni EP because of the of the day you trying to ... instill competency guns to call for this but telling people that ... I'd you know we get to ... she is off the natural essential system the dollar ... and we it is time ... to complete a clinic Women's is really what he's trying to do is have a go at the expense of an impact us cuz of course a lot of tried a lot of was the says Russia has been held in Dallas ... so he's trying to put some pressure instead that ... it is a way to instill confidence newcomers in the ruble is a dress code was now these outflows are really hurting that ... you don't want to be doing this and so that he's played icing and of course this is this is them on this is how we offer ... and Russia's bonds have already been hammered of call them in anything anything that so ... that it's connected to the concept was because Russia actually also the public is original seen ... is that they borrowed heavily though because ... the Yukon is the top trumps the rules so you count the people that to Linden rubles in a way to to borrowers to to to borrow in ruble you go ... to the stock etc dollar Eyes barman ... this all becomes very dicey and is the solid results of that can be just the increasingly isolated state ... I think is a manifestation that Yemeni the concept for what's happening on the economic side ... from the political side Belorussia has enormous reserves of gas in and see ... it has also said the couple Corning is a very wealthy country resource was ... and so on list prices hold up as they have it bad news is that at that and continuing seen this ... month in countries around the world of the blessed with with what results they can continue to maintain ... their foolish policies and and and buildings political systems ... on that and so today it what what is the the waves with which the system China's in Russia it's how decide because ... if you have the sanctions to heavy outflows inevitable photocopied in the day this too was pool of money writes idea of the light couldn't control on that at this moment things not looking great right now with the ... right Michael Casey thank you so much for all that ...